Peter Schiff appeared on MSNBC’S “Up with Chris Hayes” with a panel of other experts and pundits to debate the Fed’s role in the housing bubble, Republican views on the economy, and the effects of inflation on prices.
Peter had a spirited exchanged with Karl Smith, Economics Professor from the University of Carolina, on the causes of the housing crisis. Smith took the typical stance of blaming complicated investment instruments for creating confusion in the market. Peter countered with the primary cause stemming from a combination of artificially low interest rates and Fannie and Freddie’s role in making cheap mortgages available to too many people who couldn’t afford them.
Peter Schiff recently appeared on RT News and laid out how he sees gold prices and the US economy moving into 2017. Inflation vs. interest rates, the stock market bubble, and downturns in mortgage/auto financial markets were a few of the topics Peter provided insights and predictions about. He also dispelled four economic myths surrounding the Fed’s positive outlook, Trump’s fiscal plans, and how inflation impacts gold prices.
In her rate hike announcement last week, Janet Yellen said the Fed was so confident in the health of the US economy that it was raising the Federal Funds rate by a paltry quarter point. Investors are on board, with a wave of irrational exuberance sending the Dow closer to its 20,000-point milestone. However, the Fed’s decision suggests the need for a strict comparison with its statements last December: a time when a similar expression of economic confidence would prove to substantially miss the mark for rate hike expectations and GDP growth.
In a special episode of the Schiff Report, Peter Schiff shows how the Fed’s economic optimism is a ploy to maintain credibility with the markets and to cover up the fact that significant rate increases are impossible.
Economist and author Jim Rickards and former presidential contender Ron Paul appeared on RT television recently to discuss their 2017 economic and political predictions. Rickards laid out his idea of Trump’s administration forming a “cabinet government,” that might work to decentralize executive power, which has become more concentrated over the last 15 years. Paul looked to another inevitable US recession fueled by runaway inflation and the bursting of economic bubbles artificially propped up by failed monetary policies.
Peter Schiff recently appeared on CNBC’s “Future’s Now” program to discuss what the Federal Reserve will likely do during a Donald Trump presidency. Peter said he sees a rate hike in December as too little too late given the ineffectual level of interest the economy has seen over the last several years, and because of the accelerated rate of inflation that’s taking place.
Jim Rickards,the chief global strategist at West Shore Group, appeared on Bloomberg Markets to discuss the next financial crisis. Rickards said he sees next US downturn approaching a tipping point soon. However, the Federal Reserve’s response to restoring financial solvency will be much different because there’s no place left to go with monetary policy.
“The next time, they’re not going to print the money because they’re tapped out,” he states. “They’re going to lock down the system.” In a move Rickards refers to at the “bail in, lock down” plan, large sections of the financial sector will be deactivated to avoid bank runs and complete collapse. Rickards describes some of the more likely scenarios:
“Money market funds will suspend redemptions, bank ATMs can be reprogrammed to give you $300 per day for gas and groceries; they can selectively shut down the banks. We saw it in Greece. We saw it in Cyprus; we’re seeing it today in India. The banks are closing. They’re out of cash.”
In his 200th podcast, Peter Schiff explains the ineffectual outcomes of Richmond Federal Reserve President Jeffrey Lacker’s call for “preemptive” interest rate action. Lacker said he believes the Fed should anticipate a rise in inflation levels by getting ahead of the curve. The suggestion only makes sense to those who can’t see the artificially inflated bubble economy the Fed has been creating for years.
Whether the Fed raises rates in December or not, it won’t solve our economic woes. Only a recession will bring the cure. Tough love, not economic coddling, is what’s needed, but current monetary policy continues to pump the economy full of temporary pain meds instead of helping us through the withdrawals.
In his latest podcast, Peter runs down the real threats of prosecuting and over-regulating financial institutions like Wells Fargo. Last week, Wells Fargo CEO John Stumpf was lambasted by members of the House Financial Services Committee over the unauthorized accounts scandal. Members called for Strumpf’s resignation and a breakup of the company.
Aside from the heated exchanges echoing the congressional chambers, the hypocrisy of the situation left a foul odor on the proceedings. For congress members to fault an executive for facilitating theft of customer deposits takes a lot of chutzpah. Peter explains:
In his latest episode, Peter Schiff reacts to the first presidential debate and Donald Trump’s missed opportunities to put Hillary Clinton on the defensive about paid maternity leave, government mandates, profit sharing, and the Federal Reserve.
One of Trump’s biggest opportunities was going after independent voters by expanding the argument that Clinton’s policies were “just more of Obama” and included criticism of George W. Bush. “You’re looking for the undecideds,” Peter states. “You’re looking for the independents, and they will appreciate someone who’s critical of both parties.” Certainly, a cross-party strategy would have emphasized Trump’s “outside” position, a major theme of his campaign.
In the end, Trump failed to call Clinton out on her erroneous assumptions about the economy (i.e. Bush’s tax cuts caused the 2008 Financial Crisis). Trump had ample opportunity to show Clinton’s lack of business experience and idealistic detachment from economic realities.
In an epic meeting of economic intellects, Peter Schiff and Roy Sebag talk about Goldmoney’s recent acquisition of SchiffGold and the coming revolution in value transactions. Peter and Roy also discuss the special properties of gold that make it the best standard for backing currency, Goldmoney’s potential to change the way we buy, sell and save, and how crypto currencies and the internet are making banking systems irrelevant.